Anthony Shapella

I think this The Wall Street Journal article on #cyber #insurance nicely vindicates the benefits of using Axio 360 scenario-based cyber risk engineering including interesting insights from Kimberly Denbow, VP Security & Operations American Gas Association citing many insurers have become more selective in the clients that they take on where the number of insurance providers willing to write cyber insurance policies has been limited - Terms can differ so wildly between insurers that it is often hard for operators to understand what a policy actually cover - but it doesn't need to be this way: Axio brings greater transparency on risk profiling, if you're 'top right', no need to get lumped into 'bottom left' of the 2x2 box and no need to get stuck with cyber balance sheet protection. We help you: ❶ Determine scenarios ❷ Assess Cyber Risk Posture ❸ Quantify Cyber loss expectancy & economic loss reduction ❹ Stress test the Cyber Insurance policy for efficacy - will it perform as expected?🧐 ❺ Access the most efficient balance sheet protection capital www.axio.com #gas #naturalgas #cyberriskengineering #cyberriskquantification https://lnkd.in/eRQwzQg8

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Cowbell’s Sr. Actuarial Analyst Benjamin Ticali will be discussing ways to quantify cyber insurance risk with Oliver Wyman’s Andrew Duhancioglu during tomorrow’s Casualty Loss Reserve Seminar. We’re excited about the opportunity to speak about cyber risk from an actuary perspective. Don't hesitate to reach out to learn more. American Academy of Actuaries #CLRS24 #CyberInsurance #InsuranceRisk #MoreCowbell

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Holborn’s Dan Zitelli, co-head of catastrophe modeling, discusses the evolution of cat modeling with Insurance Business. Check out the full article at the link below! #insurance #reinsurance #catastrophemodeling

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How can AI help underwriters? By increasing speed and effectiveness of insights -- Jennifer Hoolehan Kyung, VP Underwriting at USAA previews her thoughts from the upcoming webinar Pioneering Ethical AI: P&C Insurers to Play a Critical Role. Full show on September 12, 1p EDT. Jen is joined by Matt McHatten, Iris Devriese and myself, moderated by Peter Miller. If you are an underwriter or an insurance professional looking ahead, join us. Link to registration site in comments. SAS Munich Re The Institutes CPCU Society. #AI #insurancetechnology #analytics

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To become an underwriting trailblazer, P&C insurers must adopt AI. In an interview with @ReinsuranceNews, my colleague @Adam Denninger shared how AI adoption in underwriting will be incremental, serving as a valuable tool for outperforming mainstream carriers. https://lnkd.in/dRtAHGjX

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The collapse of Baltimore's Francis Scott Key Bridge has significant implications for the food trade industry. Our latest blog explores the disruption in logistics, potential economic impacts, and the crucial role of insurance in risk management. Read the full analysis here: https://bit.ly/3JpJKo0 #BaltimoreBridgeCollapse #FoodTradeDisruption #LogisticsChallenges #EconomicImpacts #InsuranceRiskManagement #SupplyChainDisruption #FoodIndustryAnalysis #RiskMitigation #InfrastructureFailure #BusinessContinuity

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Good news in the Cyber Insurance Market: Abundant capacity, favorable rate decreases, and broad terms and conditions, as reported by a leading wholesale broker. Stay informed: [Link to article] #CyberInsurance #InsuranceMarket #RiskManagement

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As the insurance industry moves beyond the first wave of insurtech, the demand for digitalization across the value chain is more critical than ever. While insurers have made progress in their digital journeys, there is still much work to do. My colleague, Nathan Golia, Senior Analyst on Celent's P&C Insurance team, emphasizes that savvy founders have a unique opportunity to address the needs of carriers. By fostering collaborative partnerships, they can help transform the digital landscape of the industry. Discover how: https://lnkd.in/eAQcZJ7V #insurtech #DigitalTransformation #insurance

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Are you attending the NetDiligence® Cyber Risk Summit in Philadelphia? Join our Chief Underwriting Officer, Killian Brady, in "The State of the Market" panel discussion on the sustainability of the market, stability & scope of coverage, the evolution of risks, and more! We look forward to seeing you there. Reach out to a member of our team to connect! #Cyber #RiskManagement #CyberInsurance

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Well worth a listen this one, partiuclarly if you're a CISO or Insurance Risk Manager or Client Manager Lot's of themes here from Axio CEO Scott Kannry including ESG and the real life example concerns from a CISO at an Energy company around threat actors infiltrating operations to cause an explosion/vapour cloud and resultant impact to the local town culminating in a $6-8Bn loss potential, none of which was insured 😫 And one my favourites, the fire comparison - if you don't think you'll have a fire, why still bother with fire risk-reduction engineering; #cyber is no different Axio helps client imagine the unimaginable; rather than build the [security] wall as high as possible, being prepared for what happens when someone gets in and enacting the Business Continuity Plan is essential to protect your business, just the same as any other ERM risk #cyberriskmanagement #cyberriskquantification #cyberriskengineering #cyberinsurance

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“Because the industry for years has been underestimating the losses from the frequency (aka secondary) perils, most notably SCS, it appears to many (re)insurers as if there is a significant increasing trend. Not only have the models used by many (re)insurers underestimated the risk, sources of market losses have also underestimated the total industry losses from these events. “But the more accurate KCC SCS Model shows there was nothing extreme or surprising about 2023.” Looking ahead, KCC warns that potential SCS losses are increasing annually due to population growth and construction cost inflation. The firm predicts that future active seasons could easily exceed the losses seen in 2023, possibly within the next five years.

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Recently, I talked with George Abbott from The Insurer on #AI risks and #insurance, which resulted in below linked article. Insuring (Gen)AI errors, be it via innovative or traditional insurance products, has the potential of aggregation risk. This is in particular true if we look at (Gen)AI use cases, which are build on foundation models. Foundation models introduce common elements between GenAI and AI use cases, which make their error rates highly positively correlated, depending on the similarity between use cases. Any event, which induces a data drift with error spikes on the foundation model (even a foundation model update), could lead to insured losses across many use cases and insureds. Such risk needs to be considered and managed by insurers. On the positive side, one can reliably quantify the error frequency or hallucination rate of black box AI and GenAI models for many use cases - as my team at Munich Re demonstrated in a research paper we published together with Agni Orfanoudaki from University of Oxford. This insight allows to build a strong quantitative basis to underwrite and price AI error risks - and other AI risks related to AI errors. This in turn empowers insurers to support their corporate clients on their AI adoption journey and helps to bring reliable AI systems / AI agents to the market.

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Visit Guidewire's table at National Association of Mutual Insurance Companies (NAMIC) Management Conference next week to hear about the latest InsuranceNow innovations! #GuidewireInsuranceNow #GuidewireCloud #insurance #innovation #insuranceinnovation #insurtech #insurancetechnology #pandcinsurance #propertyandcasualtyinsurance #cloudcomputing

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Our Axio Cyber Underwriting 2.0 mission continues...... and here's a simple three-step one-pager on how we're making it easy for Clients/Captives, (Re)Insurers and Brokers to assess and quantify Cyber Physical Damage (CZ) by using existing Underwriting data in three easy steps following our successful graduation from Lloyd's Lab : 1. Axio platform imports the Property Schedule of Values and IT and OT cyber control details 2. It fuses this information with Axio proprietary cyber risk scenarios specific to industry, size, and location 3. It then generates a clear view of the comprehensive cyber risk in $/£/€; insights required to make informed balance sheet, capital provisioning and/or Underwriting decisions Location and aggregate loss expectancy, split per loss scenario So if you're a client that wants to determine your balance sheet exposure, a broker who wants to help their client determine balance sheet exposure or an insurer who wants offer solutions using cyber risk engineering data including [cyber] #esg exposures, we're here to support you 🆘 We can catch you if you're slipping off the #cyber and #esg innovation curve; please DM if you'd like to join us on our journey..... 🚀🚀🚀🚀🚀🚀 www.axio.com #cyberphysicaldamage #cyberinsurance #innovation #clientsolutions Aon Marsh WTW Gallagher Lockton Howden Specialist Risk Group McGill and Partners Price Forbes United Insurance Brokers Limited WBN - Worldwide Broker Network Brokerslink WTW Miller Insurance Services LLP GBN Worldwide WING - Worldwide Insurance Network Group Dorens & De Waal Insurance Group / DDW Group BMS Group Artex Risk Solutions Bermuda Monetary Authority IAIS - International Association of Insurance Supervisors AXA AXA XL Allianz Commercial AIG Beazley Brit Insurance Chubb Convex Insurance Everest FM Global ICMIF Inigo Lloyd's Munich Re MS Amlin Swiss Re Tokio Marine Group Zurich Insurance

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WHAT'S AHEAD FOR CYBER CLAIMS? In this episode, David identifies three trends to watch for in the world of cyber #Claims in the coming year, touching upon regulatory actions, dependent business interruption, and the thorny issue of insurers alleging misrepresentation in the renewal application as a basis for denying #Coverage. THE CYBER INSURANCE IMPERATIVE with David Finz. Season 6: Episode 16 Watch and listen on Spotify: https://lnkd.in/eKcrNF4F Listen on Apple Podcasts (audio only): https://lnkd.in/eFmkdUDz SUPPORT THIS PODCAST! Follow on Spotify to stay up to date with new content! #PrivacyLaw #TPRM #CyberInsurance #TheMoreRewardingWay

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Recently, Anne Neuberger, U.S. Deputy National Security Adviser for Cyber and Emerging Technology, expressed concern over insurers reimbursing companies for ransomware payments, arguing that this practice fuels global cybercrime. She suggested that insurers should instead focus on a "constructive" role, such as requiring policyholders to implement strong cybersecurity measures as part of the underwriting process and coverage. I understand her perspective—by covering ransomware payments, insurers may inadvertently encourage cybercriminals. However, I’m not sure the solution is that straightforward. What do you think? Should insurance policies exclude ransomware payments from coverage? #StormReport #Cyberinsurance

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Guidewire's Alex Ryckebusch and Ryan Park Grant will be hosting the National Association of Mutual Insurance Companies (NAMIC) Claims webinar on October 1, "Lowering Your Loss Ratio With Embedded Claim Analytics: Best Practices from Leading Insurers." They'll be discussing some of the most valuable use cases, how they were implemented, and the demonstrated returns on investment. Register here: https://lnkd.in/gUCFsw9w #GuidewireClaimCenter #insurance #insurtech #claims #claimsmanagement #analytics

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